People are the most valuable resource of any organisation and the mammoth task of recruiting, retaining, and nurturing them has always been the responsibility of the human resource (HR) vertical.
Until recently, the people-centric nature of this function was considered a barrier in automating HR-related duties beyond a few human resource management systems (HRMS). However, the task of sifting through thousands of resumes or identifying in-house talent for job matching is both time and resource consuming.
Then there is the problem of reduced employee engagement, which affects the bottom line of businesses. Often, employees feel disengaged from their jobs due to personal or professional reasons such as lack of interest in their work, lack of feedback and recognition, and non-alignment to company goals.
This problem, coupled with other major HR challenges such as attrition, resource leakage, training and skilling, has led startups to build HR solutions using advanced technology. This is the same thought which led to the inception of EdGE Networks.
HR tech solutions are resolving the pain points discussed above for HR managers by providing them with insightful data and analytics through AI-powered dashboards.
Using AI To Solve HR-Related Issues
Data is one of the biggest boons for HR tech. With the help of AI algorithms and predictive analytics, HR tech companies collect and analyse data collected from candidates and organisations. Based on this, insights are presented to the C-suite and HR managers through sophisticated dashboards. These timely insights help enhance the HR function in many ways, including:
- Tracking and evaluating performance and productivity of employees, thereby helping managers provide them feedback regularly.
- Charting employee career paths by conducting trainings to upskill and reskill them. This ensures their growth and helps align their goals with organisational ones.
- Ensuring smooth workflows in the organisation.
- Matching job descriptions (JDs) and profiles to a ‘T’, enabling ‘just-in-time’ hiring and reducing dependency on job agencies.
- Recognising the possibility of churnamong current employees and dropouts while making offers to potential candidates.
Keeping these goals in mind, we at Edge Networks created an AI and analytics-powered engine whose solutions aid and enhance HR functions in companies across industries, enabling them to meet these new-age standards.
We used natural language processing (NLP), semantic analysis of data, deep learning, and predictive analysis to examine large volumes of data and find hidden patterns and correlations that can help decrease errors and increase efficiency helping us devise solutions with greater accuracy.
Our AI platform — EdGE Graph — is essentially a neural network of skills, demographics, industries, occupations, and courses. This tool, which is a repository of 800,000 connected nodes, possesses the intelligence of a human brain that has read and analysed over 35 Mn resumes and 10 Mn JDs.
During our six years of operations, our product intelligence has grown sharper and become more robust. We have been able to increase the revenues and profits of our clients by improving the time, cost, and accuracy of talent management. Our products have helped customers achieve:
- 33% reduction in lead time
- 2X improvement in the quality of hires
- 36% reduction in revenue leakage.
The Need For A Reliable Cloud
Over time, we have developed our products and increased our client base manifold. We count among our clients MNCs in the IT/ITeS, BFSI, and healthcare segments including the likes of Wipro, HCL, NTT Data Services, Virtusa, IQvia, and L&T Infotech, among others.
This expanding portfolio of products and customers demands a robust cloud platform that provides value for money, is easy to use, and offers consistent services. We found the perfect cloud platform in DigitalOcean and have been using their versatile offerings for over four years now.
Much of our critical workload and the production and non-production ecosystem for our flagship SaaS solution, HIREalchemy, is hosted on DigitalOcean. We are also exploring DigitalOcean Kubernetes, a managed Kubernetes offering designed for simple and cost effective container orchestration to augment the infrastructural needs of our data science and engineering projects.
DigitalOcean’s products and features — Droplets, Spaces, private networking, Load Balancers, and Block Storage — have enabled us to drive rapid innovation cycles by enabling us to tag/group resources, manage them via APIs providing for scale out/in capabilities, and deploy environments quickly. This, in turn, helps us minimise cost losses and create a delightful experience for both developers and customers.
Of the various DigitalOcean products we have used and explored, Droplets — a scalable compute service — has been most beneficial for us. Droplets allow us to upsize and downsize, take snapshots, add on storage, security, and run applications easily. This flexibility is a must in creating cutting-edge HR tech solutions of the future.
DigitalOcean data centres are present globally, including in the regions where we host our workloads. This, and their reliable customer support are two other reasons why DigitalOcean has been one of our preferred cloud partners for all these years.
Tech Integration For Human Resources
Tech integration in HR can go a long way in helping C-Suites and HR leaders with both strategic and tactical decision making. The accuracy and reduced lead time offered by HR tech is only the tip of the iceberg when it comes to realising the potential of data science, predictive analysis, and AI in the field of HR.
As more and more companies realise this and embrace the idea of HR tech, we will see a rapid increase in opportunities in the HR industry. The global HR tech market is worth close to $400 Bn, according to a Deloitte report. The massive market scale has led to an increase in investor interest in HR tech startups, not only globally but also economies such as India.
Indian companies can save an estimated $600 Mn every year by integrating HR tech into their business. EdGE Networks aims to power these businesses by providing them with cutting-edge HR tech tools that will not only help them save costs but also help run their HR functions more efficiently and build teams that is both skilled and motivated.